ZORA PROPERTY DEVELOPMENT, INC.
A private capital and execution platform for construction operators and accredited investors.
Proposed operating model · Builder Syndicate
How the syndicate worksA STRUCTURE FOR EACH PROJECT
Commit capital. Review projects.
Vote on new deals.
Direct investor membership.
Project-specific capital and distributions.
Wholly owned by the Project LLC.
Holds the property, debt, and contracts.
Managed by
Zora Property Development, Inc.
THE BUILDER SYNDICATE
Capable builders often see the next opportunity before they have the capital or capacity to take it on. The Builder Syndicate is designed around that gap.
The proposed model brings a closed group of accredited investors together with centralized sourcing, underwriting, and project execution. Zora Property Development, Inc. serves as Manager, coordinating the work from acquisition through construction and exit.
Each funded project has its own investor-facing Project LLC and a wholly owned Property SPE. Investors hold non-managing Class B interests in the projects they fund; the Manager holds the Class A managing interest. Investors do not acquire ownership in the management company.
FROM COMMITMENT TO COMPLETION
The model pairs investor approval
with day-to-day execution by the Manager.
Following verification and formal documentation, each investor sets a maximum capital commitment. A separate entry deposit is held in escrow as security for funding obligations. Project capital calls begin only after activation.
The Manager presents a Deal Package covering the property, construction scope, budget, comparables, financing, risks, and exit plan. Investors with available commitments vote on the proposed project.
Following approval and an accepted offer, investors fund their proportionate capital calls into segregated escrow. Funds move through the Project LLC to its Property SPE at closing.
The Manager oversees contractors, budgets, draws, and the exit. Investors receive monthly project updates and quarterly platform summaries. Profit and loss are calculated separately for every project.
Once a new deal is approved, investors with available commitments must fund their proportionate allocation—even if they voted against it, abstained, or recused themselves. There is no per-deal opt-out. Supplemental calls beyond an approved project budget follow a separate, voluntary process; declining one can dilute an investor’s ownership.
PROJECT ECONOMICS
The proposed base structure.
No preferred return hurdle.
Investors as a class
Manager
Shares of realized Project Profit.
These percentages are not investment returns.
If a project loses money, funded capital bears the loss pro rata and the Manager receives no profit share. Capital can be lost in full.
The base model charges no fixed management, acquisition, financing, construction-management, or disposition fee. Direct project expenses remain payable. Zora REI, Inc.’s disclosed brokerage commissions are separate project expenses and are additional to the Manager’s profit share.
Distributions replenish the investor’s available commitment by default, unless cash is elected with the required advance notice. Reinvestment operates through commitments; the platform does not hold undeployed investor cash. Reinvested capital remains exposed to subsequent project losses.
FOR BUILDERS & CONSTRUCTION OPERATORS
Builders can participate as accredited investors without being required to perform construction work.
When an investor’s contracting business seeks work on a project, investment participation and the contract award follow separate rules.
An investor who votes on a project’s approval, and that investor’s affiliates, cannot bid on or provide goods or services to that project. A member who wants to preserve bidding eligibility must sit out that approval vote. The funding obligation still applies if the project is approved.
The model requires a structured bidding process for construction work above its stated per-trade threshold, with a common scope, itemized bids, and a sealed first round. Related-party work is subject to disclosure, pricing limits, and recusal rules; no member is guaranteed a contract.
UNDERSTAND THE STRUCTURE
Accredited investors, including qualified builders and construction operators, who can evaluate and meet the model’s capital commitments. The proposed offering framework is Rule 506(c), with accredited status verified before a sale. An inquiry through this website does not establish eligibility or admit anyone to the syndicate. Read the SEC’s Rule 506(c) overview.
New-deal voting power is based on available, uncalled commitments. Approval requires 60% of the voting power participating in the vote, with a minimum participation of one-third of the applicable voting power, subject to recusal rules. The Manager does not vote on new-deal approval. An approved deal binds investors with available commitments, including those who did not vote.
A performance deposit held in segregated, interest-bearing escrow, separate from and additional to the investor’s commitment. It is not used to fund capital calls. Its return is conditional on the governing documents, including the end of the commitment or lawful withdrawal and final distributions from active projects. Funding default can result in forfeiture and other remedies.
The model provides an initial three-year operational commitment from activation, with optional one-year renewals. Declining to renew does not withdraw capital from active projects; that capital remains invested through their final distributions. Interests are illiquid and subject to transfer restrictions.
Debt sits with the property-owning SPE. Investors are not required to guarantee project debt. Cross-collateralization between projects requires Major Decision approval. Project votes and transfers remain subject to applicable lender consent rights, and entity separation does not eliminate investment risk.
Zora Property Development, Inc. is the proposed platform’s Manager. Zora REI, Inc. is the licensed real estate brokerage under common control and brokers the platform’s New York real estate transactions. Its commissions are disclosed as related-party project expenses, separate from the Manager’s profit participation.
START WITH AN INTRODUCTION
Interested in the operating model, bringing construction experience, or discussing a property? Tell us about your background and the conversation you’d like to have.
Discuss the Builder SyndicateThis is an overview of a proposed model, subject to final legal review and governing documents. It is not an offer to sell securities or a solicitation to buy them, and no commitments or funds are accepted here. Any offering would be made only through separately delivered formal offering documents. Participation involves significant risk, including illiquidity, funding obligations, conflicts of interest, and possible loss of all invested capital. No return is guaranteed.